WASHINGTON (NEXSTAR) – All eyes will be on President-elect Joe Biden on Thursday night as he rolls out his coronavirus aid package, which is expected to include the largest stimulus control yet at $ 2,000 for most Americans.
While it will certainly provide relief, the proposal is also expected to include a significant extension of an existing tax credit for children. This component is designed to provide targeted relief to poor and middle class households.
The plan was first reported by The Washington Post. The report said a figure had not been determined but was expected to match a campaign pledge calling for $ 300 per share. Month to U.S. households for each child under 6 as well as $ 250 per month. Month for each child between 6 and 17 years.
On his campaign page, the credit extension was explained as follows:
As President, he will support a significant extension of Child Tax Credit (CTC) throughout the duration of the crisis as proposed in the House-Implemented HEROES Act. The city’s CTC expansion will provide thousands of dollars in tax breaks for middle-class households. It will also help the hardest-pressed working families avoid poverty and achieve greater economic security. He will also make the CTC fully reimbursed so that hard-pressed families can quickly access these resources. And he will allow families to receive monthly payments if they choose.
The Post reports that Biden is expected to expand the benefit to millions of poor families who do not currently have access to the program.
The benefit would be claimed by most parents to offset existing obligations when paying taxes, according to The Post. However, many parents who do not earn enough to file taxes would be able to fill out a form with the IRS and receive the money in the same manner as the first $ 1,200 stimulus checks were distributed.
The price of Biden’s stimulus proposal is expected to be close to $ 1 trillion and is also expected to include an expansion of unemployment benefits, support for local and state governments, a boost for small businesses, funding for vaccine distribution and schools, and the third round of stimulus controls. .
Analysts say the vote on Biden’s stimulus plan should give us insight into whether Republicans want to work with the Democratic majority or not draw a line in the sand.
West Virginia Democratic Senator Joe Manchin has stated that he does not support the passing of large-scale controls. Last week, “absolutely not” said to the idea of direct payments with the high of a financial figure that is not specifically targeted, according to the Washington Post.
Last week, Biden told Georgia voters that if Democrats won these races, $ 2,000 stimulus checks would be on the way for most Americans.
Democrats ended up winning, and Senate Minority Leader Chuck Schumer reinforced that the money was on its way.
“One of the first things I want to do when our new senators sit is deliver $ 2,000 checks to American families,” Schumer, who will become the majority leader, said Wednesday.
In the past, GOP-controlled Senate and Majority Leader Mitch McConnell had been the biggest obstacle to passing direct payments.
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